Nas100: watch out for this before buying!Hello traders,
Previous Forecast
Congratulations to everyone that followed my previous forecast. For sure everyone is now watching Nas100 with keen interest as to where it would head from here. It has surely come from afar. The index is now sitting now roughly 16% off its recent high and now trading around 13100. The moves that came as of fears of a global economic slowdown.
Investors are now watching the US Tech companies earning reports which will come in later today and others on Thursday. How the results will come out will surely impact the Nas100 index together with S&P500 and Dow Jones index.
On the technical aspect side, the index is trading within a bear territory and there's high chances of us seeing further downward move to at least 12200 if worse 12000. I had to take a closer look, and had to notice the market structure which is about to unfold which seems to me to be a large correction- a descending widening wedge. If this is it, then bears would still have control of the market and would only give up the positions around 12000.
Traders, do you have different opinion on this? I would love to hear from you. Make use of the comment section below to share your thoughts.
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